Gold prices retreated during recent intraday trading, breaching a key short-term bullish trendline—a development that suggests a potential shift in market direction. This downside move also saw prices fall below the support of the 50-day Exponential Moving Average (EMA50), adding to the growing bearish pressure.
Further reinforcing the negative outlook, the Relative Strength Index (RSI) has started to reflect a downward reversal after entering overbought territory. The combination of technical breakdowns and weakening momentum signals raises the likelihood of a bearish phase developing in the near term. Traders are advised to monitor key support levels for confirmation of trend reversal.
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